MARKETING PRINCILPLES

Applying Marketing Principles

Applying Marketing Principles

Introduction

Understanding the customer's needs and wants are the primary objectives of marketer. While launching a new brand an extensive research on customers buying behavior and preferences should be conducted in order to better understand the market potential and evaluate the opportunities within the market. The purpose of this paper is to evaluate the marketing plan for launching a new product. This paper will discuss from the product idea to going global. This paper is the result of extensive research and efforts.

Market orientation

Marketing orientation is a philosophy that a company adopts to focus on meeting and discovering the desires and needs of its customers through its end user product. Marketing orientation focuses on to tailor a product according to consumers needs. It is a coordinated marketing campaign between customers and company. If the United Biscuits adapt market orientation culture than the company will be able to produce its entire product according to customers' needs and wants. It will increase the market share of the company and enhance the sales. As the customers will get a desired biscuit and taste, they will become more loyal to the brand, and that will lead the company towards the long term benefits. Market orientation is a philosophy of putting all efforts towards understanding the customers need and designs a product accordingly (Yoo et.al, 2000, pp.195-211). When United Biscuit will introduce a new product line for the customers, it will not only increase the sales of the company but also increase the good will of the company in the market, but the sales of old biscuit brands will decline due to the popularity of new products. Another cost that the company may bear will be the high cost of manufacturing the new biscuits, because if the company will go to tailor a product exactly to the customers need. It will increase the cost and may affect the taste of cookies.

Decision Making

While making a decision regarding to the introduction of new product in existing product line, a company is required to consider macro and micro environmental factors in prior. These factors impart their influence on decision making of the company. Macro environmental factors including political, economical, socio-culture, technological, ecological and legal; are the things to consider before making a decision. Suppose Union Biscuit wants to introduce new Creamy Muffin Cake than the company will first determine the cost and selling price of the new product that will help the company to understand either it will be economical to produce and sell the new product or not. Beside it, company will also take the sociocultural factor in consideration to determine that the new product will get warm appreciation and acceptable widely or not. As the obesity problem in children and elder is increasing rapidly Union Biscuit have to market it product at the best competitive price in the market and must tailor it as a low calorie food that will become the USP of the product and will find the place in customers cart ...